Crypto Currency and Elite & Elite Express Jumbo Loans
Cryptocurrency as Eligible Assets (Elite and Elite Express Jumbo loans)
Effective immediately, Cryptocurrency aka Bitcoin, Litecoin, digital assets, and other cryptocurrencies are eligible for a down payment, reserves, and/or closing costs with proof of liquidation subject to the following documentation requirements:
- The 2 most recent cryptocurrency exchange statements documenting a history of transactions (including the conversion of funds to US dollars) must be obtained.
- Satisfactory documentation evidencing the borrower is the cryptocurrency account holder must be obtained.
- Funds liquidated from cryptocurrencies must be deposited into a U.S. financial institution account.
- The Borrower must provide a written explanation of the original source of funds used to purchase the cryptocurrency.
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